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Corporate Insolvency And Governance Act 2020
The Corporate Insolvency and Governance Act 2020 (c. 12) is an act of the Parliament of the United Kingdom relating to companies and other entities in financial difficulty, and which makes temporary changes to laws relating to the governance and regulation of companies and other entities. The bill was introduced as part of the government response to the COVID-19 pandemic in the United Kingdom and the primary intentions of the bill were to: * introduce new corporate restructuring tools to the insolvency and restructuring regime to give companies the breathing space and tools required to maximise their chance of survival * temporarily suspend parts of insolvency law to support directors to continue trading through the emergency without the threat of personal liability for wrongful trading and to protect companies from creditor action, and * amend Company Law and other legislation to provide companies and other bodies with temporary easements on company filing and annual general ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alok Sharma
Alok Sharma (born 7 September 1967) is a British politician who served as the President for COP26 from 2021-2022. Resigning his previous position as Secretary of State for Business, Energy and Industrial Strategy in order to lead COP26, he retained full Cabinet status from January 2021 to October 2022 as Minister of State for the Cabinet Office. Sharma has been the Conservative Member of Parliament (MP) for Reading West since 2010. Sharma served in Theresa May's government as Minister of State for Housing from 2017 to 2018 and as Parliamentary Under-Secretary of State for Employment from 2018 to 2019. In 2019, he was appointed to Boris Johnson's cabinet as Secretary of State for International Development. In the 2020 cabinet reshuffle he was promoted to being secretary of state for business, energy and industrial strategy, an office in which he served until 2021. Sharma was the President of the 2021 United Nations Climate Change Conference (COP26) and negotiated the Glasgo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creditors
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. *A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to ''secure'' him) of ultimate repayment of the debt owed to him. This could be by way of, for example, a mortgage, where the property represents the security. *An unsecured creditor does not have a charge over the debtor's assets. The term credito ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Chartered Accountants Of Scotland
The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of Chartered Accountants (CAs). It is a regulator, educator, influencer and thought leader. ICAS act as a thought leader and voice of the professional business community. Although other British accounting bodies use the title Chartered Accountant, the CA designation is unique to ICAS in the UK. ICAS has more than 21,000 members and students worldwide. ICAS provides support, advice and services to its CAs throughout their professional lives. ICAS members are business advisors, business leaders and entrepreneurs. They play leading roles in 80% of the FTSE 100 companies. Half of ICAS members are based in Scotland; the other half work in England and around the globe.{{cite web, title=About ICAS, url=http://www.scottish.parliament.uk/s4/committees/eet/inquiries/ScotlandBill/documents/ICAS.pdf, work=Submission from ICAS on Corporation Tax Reform, publisher=Scottish Parliament, access-date ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Institutions
Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institutions: # Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies; # Contractual institutions – insurance companies and pension funds # Investment institutions – investment banks, underwriters, and other different types of financial entities managing investments. Financial institutions can be distinguished broadly into two categories according to ownership structure: * Commercial banks * Cooperative banks Some experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business strategies. A consequence of this might ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Director (company)
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation, non-executive directors are elected by the shareholders, and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as German ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wrongful Trading
Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986. It was introduced to enable contributions to be obtained for the benefit of creditors from those responsible for mismanagement of the insolvent company. Under Australian insolvency law the equivalent concept is called " insolvent trading". The Insolvency Act 1986 The principle of wrongful trading was introduced in the Insolvency Act 1986, to complement the concept of fraudulent trading. Unlike fraudulent trading, wrongful trading needs no finding of 'intent to defraud' (which requires a heavy burden of proof). Wrongful trading is therefore a less serious, and more common offence than fraudulent trading. Under UK insolvency law, wrongful trading occurs when the directors of a company have continued to trade a company past the point when they: *"knew, or ought to have concluded that there was no reasonable prospect of avoiding insolvent liquidation"; and *they did not tak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CMS (law Firm)
CMS is an international law firm that offers legal and tax advisory services. It provides companies and organisations with advice on a full range of legal issues. CMS consists of 18 independent law firms with about 80 offices worldwide. History In 1999, six European law firms with 1,400 lawyers and roughly DM 500 million in joint revenues came together to form CMS. Under the CMS brand, which initially drew criticism, a "partnership of partnerships" emerged. The member law firms retained their established names. A central service unit was created to provide administrative and IT services for the members. Initially, CMS included law firms from Germany, the Netherlands, Austria and the United Kingdom among others. Over the course of the 2000s, additional law firms joined from France, Italy, Monaco, Switzerland and Spain, along with other countries. In 2008, the law firm opened its first joint office in Russia. With the merger of CMS Cameron McKenna with Nabarro and Olswang i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identified in an outbreak in the Chinese city of Wuhan in December 2019. Attempts to contain it there failed, allowing the virus to spread to other areas of Asia and later worldwide. The World Health Organization (WHO) declared the outbreak a public health emergency of international concern on 30 January 2020, and a pandemic on 11 March 2020. As of , the pandemic had caused more than cases and confirmed deaths, making it one of the deadliest in history. COVID-19 symptoms range from undetectable to deadly, but most commonly include fever, dry cough, and fatigue. Severe illness is more likely in elderly patients and those with certain underlying medical conditions. COVID-19 transmits when people breathe in air contaminated by droplets and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Winding Up Petitions
An electromagnetic coil is an electrical conductor such as a wire in the shape of a coil (spiral or helix). Electromagnetic coils are used in electrical engineering, in applications where electric currents interact with magnetic fields, in devices such as electric motors, generators, inductors, electromagnets, transformers, and sensor coils. Either an electric current is passed through the wire of the coil to generate a magnetic field, or conversely, an external ''time-varying'' magnetic field through the interior of the coil generates an EMF (voltage) in the conductor. A current through any conductor creates a circular magnetic field around the conductor due to Ampere's law. The advantage of using the coil shape is that it increases the strength of the magnetic field produced by a given current. The magnetic fields generated by the separate turns of wire all pass through the center of the coil and add ( superpose) to produce a strong field there. The more turns of wire, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statutory Demands
A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by legislative bodies; they are distinguished from case law or precedent, which is decided by courts, and regulations issued by government agencies. Publication and organization In virtually all countries, newly enacted statutes are published and distributed so that everyone can look up the statutory law. This can be done in the form of a government gazette which may include other kinds of legal notices released by the government, or in the form of a series of books whose content is limited to legislative acts. In either form, statutes are traditionally published in chronological order based on date of enactment. A universal problem encountered by lawmakers throughout human history is how to organize published statutes. Such publications ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administrator (law)
In law an administrator (or administratrix for women) can be: * a person appointed by the court to handle the estate of someone who died without a will (administrator of an estate). * In United Kingdom bankruptcy law, an office holder appointed under an Administration Order in relation to a company in financial difficulty, as an alternative to liquidation. See also *''Beswick v. Beswick'' *De bonis non administratis De bonis non administratis, Latin for "of goods not administered," is a legal term for assets remaining in an estate after the death or removal of the estate administrator. The second administrator is called the administrator ''de bonis non'' and ... English contract law {{Law-term-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cram Down
A cram down or cramdown is the involuntary imposition by a court of a reorganization plan over the objection of some classes of creditors. Home mortgage loans While typically used in a corporate context, the phrase has gained popularity in the context of personal bankruptcies as a result of the financial crisis of 2007–2009. In the mortgage context, the term "cramdown" has a distinct meaning than in a chapter 11 corporate bankruptcy. Instead of referring to the confirmation of a plan over the objection of an impaired class of creditors, a mortgage cram-down refers to reducing the creditor's allowed secured claim to the value of the collateral property. This procedure, which is sometimes known as lien stripping or strip-down, has nothing to do with the plan confirmation process per se. Under current United States law, bankruptcy courts are not allowed to perform cramdowns (i.e., reduce the principal amount or change the interest rate or other terms) on creditors who hold lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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